Positioning political selling, disclosed 2026-09-17
Options put/call open interest 0.97, read 2026-11-01
Ethical passes the values gate
Price105.12 USD
Fair value144.27
Ethical score76.4/100
RatingOPPORTUNITY
Our investment reviews on this name
2026-10-28Read Accumulation148.57-29.2% to today Markup gives way to Accumulation first Accumulation read since October
2026-10-21Read Markup148.57-29.2% to today Accumulation gives way to Markup first Markup read since October
2026-10-18Read Accumulation148.57-29.2% to today Markup gives way to Accumulation after a 10% rise in 7 days
2026-10-11Read Markup135.62-22.5% to today Distribution gives way to Markup first Markup read since August
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
ServiceNow holds its Distribution at $105.12. Consolidating, no directional conviction, held for 1 days.
As held on the ledger · 2026-10-30
Phase
Distribution · caution
Quantitative state
Consolidating, no directional conviction, held for 1 days
Price at the screen
$105.12
Valuation
78.90 trailing · 21.93 forward price to earnings
Values screen
PASS· score 76.4
Beta
0.99
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
9.23%
Below 33%
Interest-bearing debt is just 9.2% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
14.48%
Below 33%
Cash held in interest-bearing accounts and securities is 14.5% of assets, under the one-third limit.
Pass
Receivables
24.40%
Below 49%
Money owed to the company is 24.4% of assets, under the 49% limit.
Pass
Revenue purity
3.40%
Below 5%
Only 3.4% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
ServiceNow clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 9%, inside the ~33% line, and interest is about 3% of its income, under the ~5% line, so it passes.
Read as at 2026-10-31. It updates when the underlying figures move, and past reads are kept below.
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Today NOW passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads OPPORTUNITY: it trades at roughly a 37% discount to our $144.27 fair value, moderate competitive moat, 24.00% revenue growth.
Fair value range in USD, drawn from the 2026-10-30 screen. The gold marker is the market price at the same screen. A 37.2% margin of safety to the base estimate.
Where our models see it going: fair-value estimate $144.27, with a range of $97.53 to $165.91, dated to the 2026-10-30 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Cloud Workflows Beacon in a Crowded Sky
Imagine a world where digitalization is powered by a cloud-based system that streamlines every aspect of workflow management, that's ServiceNow. It stands out as a provider of digital workflows in a landscape where efficiency is paramount, with a revenue growth of 24%, bolstering its position as a key player in tech application software. The market has a strong buy consensus with a median target of $140, a nod to its robust financials and forward P/E of 25.9x.
At $129.75, ServiceNow is trading just below our fair value of $135.07, offering a slim 4% margin of safety. With a profit margin of 11% and a respectable ROE of 14%, the company exhibits solid financial health. Its moderate moat indicates it has a competitive edge, though not impenetrable in the rapidly evolving tech landscape. The ethical screen gives ServiceNow a pass, aligning with our investment ethos.
While ServiceNow's numbers look compelling, the risk lies in its lofty valuation and the crowded tech space where new entrants and innovative solutions can quickly disrupt the status quo. As with any investment in cyclical sectors, the forward-looking P/E might be masking future volatility, especially if the growth rate slows. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
NOW trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 47%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (44 analysts) rates it strong buy, with a mean price target of $143. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Markup$148.57+0.0%Entry 20
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 47%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (44 analysts) rates it strong buy, with a mean price target of $143. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Markup$148.57+0.0%Entry 19
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 47%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (44 analysts) rates it strong buy, with a mean price target of $143. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markup$148.57+0.0%Entry 18
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 47%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (44 analysts) rates it strong buy, with a mean price target of $143. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Markup$148.57+0.0%Entry 17
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 47%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (44 analysts) rates it strong buy, with a mean price target of $143. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Markup$148.57+0.0%Entry 16
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 47%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (44 analysts) rates it strong buy, with a mean price target of $143. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Markup$148.57+0.0%Entry 15
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 47%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (44 analysts) rates it strong buy, with a mean price target of $143. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Markup · changed$148.57+0.0%Entry 14
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 47%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (44 analysts) rates it strong buy, with a mean price target of $143. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 9.5% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 47%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (44 analysts) rates it strong buy, with a mean price target of $143.
2026-10-11Markup · changed$135.62+0.0%Entry 12
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 47%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (44 analysts) rates it strong buy, with a mean price target of $143.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
